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Risk Management Plan

Essay by   •  September 26, 2012  •  Essay  •  651 Words (3 Pages)  •  1,702 Views

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I have made a list of all areas that might cause delays or failure with their respective outcomes (see numerical list below).

1. Delay or denial of licensing from the city - This could delay the project or even cause the project to move to a new location.

2. Delay or denial of construction permits - This could delay the project or even cause the project move to a new location.

3. Lack of Tattoo artists - Without artists contracted to the company, the project could fail.

4. Office may need to be rewired and the lighting reinstalled - this could delay the project by several months.

5. Weather issues - This may cause construction delays.

Risk Assessment

The following is an assessment of these risks in terms of the probability of project occurrence and the negative cost impact of project outcomes. Risk analysis attempts to quantify the severity of the impact of an identified risk event, sometimes its probability, and its sensitivity to change.

Defined conditions for risk management Analysis

Project Objective Relative or numerical scales

Very low-1 Low-2 Modeate-3 High-4 Very High-5

Cost Insignificant Cost Increase <5% cost Increase 5-10% cost Increase 10-20% cost Increase >20% cost Increase

Time Insignificant schedule slippage Schedule Slippage <5% Overall Project Slippage 5-10% Overall Project Slippage 10-20% Overall Project Slippage >20%

Scope Scope Decrease barely Noticeable Minor Areas Of Scope Affected Major Areas Of Scope Affected Scope Reduction Unacceptable to Client Project End Item is Effectively Useless

Quality Quality Degradation Barely Noticeable Only Very Demanding Applications Are Affected Quality Reduction Requires Client Approval Quality Reduction Unacceptable to Client Project End Item is Effectively Unusable

Risk Assessment Table (Using the above scoring chart)

Risk Response

For each risk we have determined the action to be taken if the risk should occur: accept, shape, reduce, or transfer the risk. The following risk response table identifies a brief contingency plan for these risks. That is followed by a detailed delineation of the two risks with the highest expected values.

Risk event Response: Accept, Reduce, Share, Transfer Contingency plan Trigger Who is Responsible

Delay or denial of licensing from the city Accept Redo Schedule reduce all slack Agreement incomplete

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